Fund manager Deutsche Investment has acquired a portfolio of German residential unit from Vienna-listed real estate company S Immo for €140 mln.
The 1500 properties, all located in Berlin and Hamburg, represent a third of S Immo's German residential portfolio, and about 20% of the firm's total German portfolio.
The assets were purchased for Deutsche Investment's Deutsche Investment Wohnen III fund.
Ernst Vejdovszky, CEO of S IMMO, commented: 'We purchased most of these properties nine years ago and have earned good money with them since. It is a crucial part of our cycle-oriented strategy to cash in our investments when markets are at high levels. That’s why we have decided to sell roughly a third of our German residential portfolio.'
In a statement, S Immo added that Germany remains its principal focus, after recently acquiring two large properties in Hamburg and Leipzig which contributed more than 30,000 m2 to its German office portfolio.
S IMMO were advised by Victoriapartners, an investment banking boutique active in the real estate sector in German-speaking Europe, and CMS Hasche Sigle on financial and legal aspects respectively.
